Instructure Reports Second Quarter 2018 Financial Results
SALT LAKE CITY, July 30, 2018 /PRNewswire/ -- Instructure, Inc. (NYSE: INST), a leading software-as-a-service (SaaS) technology company in education, learning and talent management, today announced its financial results for the second quarter ended June 30, 2018.
"We delivered solid second quarter results with 30% year-over-year revenue growth," said Josh Coates, CEO at Instructure. "Customer adoption for both Canvas and Bridge was strong during the quarter as we surpassed 4,000 customers across 70 countries."
First Quarter Financial Summary
(in thousands, except per share data)
Three Months Six Months
Ended June 30, Ended June 30,
-------------- --------------
2018 2017 2018 2017
---- ---- ---- ----
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue $50,063 $38,545 $98,054 $73,017
------- ------- ------- -------
Gross margin
GAAP 70.8% 71.3% 70.8% 71.6%
Non-GAAP(1) 72.5% 72.2% 72.5% 72.4%
---- ---- ---- ----
Operating
loss
GAAP (12,425) (10,160) (24,558) (21,763)
Non-GAAP(1) (8,128) (6,627) (15,214) (14,857)
------ ------ ------- -------
Operating
margin
GAAP -24.8% -26.4% -25.0% -29.8%
Non-GAAP(1) -16.2% -17.2% -15.5% -20.3%
----- ----- ----- -----
Net loss
GAAP (12,538) (10,268) (24,405) (21,869)
Non-GAAP(1) (8,241) (6,659) (15,183) (14,880)
------ ------ ------- -------
EPS
GAAP $(0.36) $(0.35) $(0.73) $(0.76)
Non-GAAP(1) $(0.24) $(0.23) $(0.45) $(0.51)
___________
(1) Non-GAAP financial measures
exclude stock-based compensation,
reversal of estimated accruals
related to payroll taxes on
secondary stock purchase
transactions, amortization of
acquisition related intangibles,
the change in fair value of the
warrant liability and the change in
fair value of the contingent
liability.
Second Quarter 2018 Business Highlights
-- Instructure continued to expand its customer base in the second quarter.
A few highlights include:
-- U.S. Higher Education and K-12 Schools - Within the U.S. higher
education market, Cornell University switched to Canvas for their
over 22,000 students. Canvas was also selected by Arizona State
University for their over 90,000 students and faculty. ASU has been
ranked as the nation's most innovative school for the last three
years by U.S. News and World Report. Additionally, Collier County
Public Schools in Florida chose Canvas and Arc for their 48,000 K-12
students and educators.
-- International - The University of Toronto, Canada's top ranked
university, selected Canvas for their 80,000 students. In Norway,
two different municipalities, which are the equivalent of school
districts, chose Canvas for their 29,000 faculty and students.
Additionally, Global Radio, Europe's largest radio company with 25
million listeners, will use Bridge Learn and Arc for employee
training and onboarding. And Bacardi MARTINI chose Bridge Learn for
employee engagement and development of their distributed global
workforce of over 5,000 employees.
-- Corporate - Qualtrics selected the full Bridge suite of Learn,
Perform and Practice, as well as Arc, for sales enablement and
partner training for their global sales team. Holiday Retirement,
the second largest provider of senior living in the U.S., also chose
the full Bridge suite of Learn, Perform and Practice, as well as
Arc, for their 10,000 employees. Cox Automotive, the owner of
Autotrader.com and Kelley Blue Book, selected Bridge Learn to help
increase customer loyalty by offering training, including new
orientation training and a manager bootcamp.
Business Outlook
Today, Instructure issued financial guidance for the third quarter and full year 2018. The financial guidance discussed below is on a non-GAAP basis, except for revenue, and excludes stock-based compensation expense, reversal of payroll tax expense on secondary stock purchase transactions, amortization of acquisition related intangibles, the change in fair value of the warrant liability, and the change in fair value of the contingent liability (see tables below that reconcile these non-GAAP financial measures to the related GAAP measures). On January 1, 2018, Instructure adopted Accounting Standards Codification (ASC) 606 "Revenue from Contracts with Customers" using the full retrospective transition method.
For the third quarter ending September 30, 2018, Instructure expects revenue of approximately $53.6 million to $54.2 million, a non-GAAP net loss of ($8.6) million to ($8.0) million, and non-GAAP net loss per common share of ($0.25) to ($0.23).
For the full year ending December 31, 2018, Instructure expects revenue of approximately $205.1 million to $209.5 million, as compared to previously stated guidance of $204.5 million to $209.5 million, non-GAAP net loss of ($31.8) million to ($29.8) million, up from ($32.0) million to ($30.0) million, and non-GAAP net loss per common share of ($0.93) to ($0.87), up from ($0.94) to ($0.88).
Conference Call Details:
Instructure will discuss its second quarter 2018 results today, July 30, 2018, via teleconference at 3:00 p.m. Mountain Time / 5:00 p.m. Eastern Time. The call may be accessed at (888) 204-4368 or (323) 794-2423, passcode 4199102.
The live webcast of the call can be accessed at the Instructure Investor Relations website at ir.instructure.com. A replay of the call will be available at the same web address approximately two hours following the conclusion of the live event. You may register for the live webcast at http://bit.ly/INST_Q22018EarningsCall.
Non-GAAP Financial Measures
In this press release and related conference call, Instructure's non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, non-GAAP free cash flow and 12-month billings are not presented in accordance with GAAP and are not intended to be used in lieu of GAAP presentations of results of operations.
Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the company's financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics.
Non-GAAP measures exclude stock-based compensation, payroll taxes related to secondary stock purchase transactions or the reversal of such expense due to the retirement of the liability, amortization of acquisition related intangibles, the change in fair value of the warrant liability, and the change in fair value of the contingent liability. We believe investors may want to exclude the effects of these items in order to compare our financial performance between time periods:
-- Stock-based compensation - Although stock-based compensation is an
important aspect of the compensation of our employees and executives,
management believes it is useful to exclude stock-based compensation in
order to better understand the long-term performance of our core
business. Unlike cash compensation, the value of equity awards is
determined using a complex formula that incorporates factors, such as
market volatility and forfeiture rates that are beyond our control.
-- Reversal of estimated accruals related to payroll taxes on secondary
stock purchase transactions - Prior to our IPO, operating expenses
included employer payroll tax-related items on employee sales of
securities to investors. The amount of employer payroll tax-related
items on these transactions was dependent on the fair market value of
our stock. Beginning in the second quarter of 2016, operating expenses
included the reversal of such payroll tax expense due to the reduction
of the estimated liability, which will continue to occur in the second
quarter of each year.
-- Amortization of acquisition related intangibles - Expense for the
amortization of acquisition related intangibles is a non-cash item, and
we believe that the exclusion of this expense provides for a useful
comparison of our operating results to prior periods.
-- Change in fair value of the warrant liability - Under GAAP, we are
required to record mark-to-market adjustments for the change in fair
value of the liability for warrants issued in connection with term debt
and our credit facility. This expense or gain is excluded from
management's assessment of our operating performance because management
believes that these non-cash items are not indicative of ongoing
operating performance.
-- Change in fair value of the contingent liability - Under GAAP, we are
required to record mark-to-market adjustments for the change in the fair
value of the liability for contingent consideration related to an
acquisition. The expense or gain recognized is excluded from
management's assessment of our operating performance because management
believes that these non-cash items are not indicative of ongoing
operating performance.
Forward-Looking Statements
This press release contains, and statements made during the above referenced conference call will contain, "forward-looking" statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's financial guidance for the third quarter of 2018 and for the full year ending December 31, 2018, the company's growth, customer demand and application adoption, the company's research and development efforts and future application releases, and the company's expectations regarding future revenue, expenses, cash flows and net income or loss. These statements are not guarantees of future performance, but are based on management's expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: risks associated with anticipated growth in Instructure's addressable market; competitive factors, including changes in the competitive environment, pricing changes, sales cycle time and increased competition; Instructure's ability to build and expand its sales efforts; general economic and industry conditions; new application introductions and Instructure's ability to develop and deliver innovative applications and features; Instructure's ability to provide high-quality service and support offerings; risks associated with international operations; and macroeconomic conditions. These and other important risk factors are described more fully in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which was filed with the Securities and Exchange Commission (the "SEC") on May 2, 2018, and other documents filed with the SEC and could cause actual results to vary from expectations. All information provided in this press release and in the conference call is as of the date hereof and Instructure undertakes no duty to update this information except as required by law.
About Instructure
Instructure, Inc. is a leading software-as-a-service (SaaS) technology company that makes software that makes people smarter. With a vision to help maximize the potential of people through technology, Instructure created Canvas, Gauge, Arc and Bridge to enable organizations everywhere to easily develop, deliver and manage engaging face-to-face and online learning experiences. To date, Instructure has connected millions of instructors and learners at more than 4,000 educational institutions and corporations throughout the world. Learn more about Canvas for higher ed and K-12, and Bridge for the corporate market, at www.Instructure.com.
Contacts:
Keaton Godfrey
Manager, Investor Relations
Instructure
(866) 574-3127
kgodfrey@instructure.com
Becky Frost
Senior Director, Corporate Communications
Instructure
(801) 869-5017
becky@instructure.com
INSTRUCTURE, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
2018 2017
---- ----
(unaudited) (unaudited)
Assets
Current assets:
Cash and cash equivalents $67,951 $35,693
Short-term marketable securities 48,588 5,697
Accounts receivable-net of allowances
of $387 and $318 at June 30, 2018 and
December 31, 2017, respectively 93,841 34,312
Prepaid expenses 10,079 11,492
Deferred commissions 8,070 7,086
Other current assets 2,010 2,419
----- -----
Total current assets 230,539 96,699
Property and equipment, net 27,547 23,926
Goodwill 12,354 12,354
Intangible assets, net 7,609 9,048
Noncurrent prepaid expenses 3,347 2,939
Deferred commissions, net of current
portion 11,108 11,160
Other assets 537 497
--- ---
Total assets $293,041 $156,623
-------- --------
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $6,961 $2,892
Accrued liabilities 11,437 13,702
Deferred rent 1,330 936
Deferred revenue 129,860 99,773
------- ------
Total current liabilities 149,588 117,303
Deferred revenue, net of current
portion 2,666 1,889
Deferred rent, net of current portion 10,643 9,201
Other long-term liabilities 20 1,286
--- -----
Total liabilities 162,917 129,679
------- -------
Commitments and contingencies
Stockholders' equity:
Common stock 3 3
Additional paid-in capital 378,485 250,899
Accumulated other comprehensive income (2) (1)
Accumulated deficit (248,362) (223,957)
-------- --------
Total stockholders' equity 130,124 26,944
------- ------
Total liabilities and stockholders'
equity $293,041 $156,623
-------- --------
INSTRUCTURE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Six Months
Ended June 30, Ended June 30,
-------------- --------------
2018 2017 2018 2017
---- ---- ---- ----
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
Subscription and support $45,104 $33,713 $88,304 $65,267
Professional services and other 4,959 4,832 9,750 7,750
----- ----- ----- -----
Total net revenue 50,063 38,545 98,054 73,017
------ ------ ------ ------
Cost of Revenue:
Subscription and support 10,784 7,967 21,175 15,072
Professional services and other 3,814 3,088 7,408 5,663
----- ----- ----- -----
Total cost of revenue 14,598 11,055 28,583 20,735
------ ------ ------ ------
Gross profit 35,465 27,490 69,471 52,282
------ ------ ------ ------
Operating expenses:
Sales and marketing 24,841 18,972 48,029 37,199
Research and development 14,849 11,057 29,509 22,239
General and administrative 8,200 7,621 16,491 14,607
----- ----- ------ ------
Total operating expenses 47,890 37,650 94,029 74,045
------ ------ ------ ------
Loss from operations (12,425) (10,160) (24,558) (21,763)
------- ------- ------- -------
Other income (expense):
Interest income 529 39 767 115
Interest expense (20) (4) (29) (18)
Other income (expense), net (529) 25 (353) 48
---- --- ---- ---
Total other income (expense), net (20) 60 385 145
--- --- --- ---
Loss before income taxes (12,445) (10,100) (24,173) (21,618)
Income tax expense (93) (168) (232) (251)
--- ---- ---- ----
Net loss $(12,538) $(10,268) $(24,405) $(21,869)
-------- -------- -------- --------
Net loss per common share, basic and
diluted $(0.36) $(0.35) $(0.73) $(0.76)
------ ------ ------ ------
Weighted average shares used to
compute net loss per share, basic
and diluted 34,491 29,090 33,444 28,909
INSTRUCTURE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Six Months
Ended June 30, Ended June 30,
-------------- --------------
2018 2017 2018 2017
---- ---- ---- ----
(unaudited) (unaudited) (unaudited) (unaudited)
Operating activities:
Net loss $(12,538) $(10,268) $(24,405) $(21,869)
Adjustments to reconcile net loss to net cash used
in operating activities:
Depreciation of property and equipment 2,105 1,456 4,118 2,693
Amortization of intangible assets 676 117 1,439 259
Amortization of deferred financing costs 3 10 10 16
Change in fair value of mark-to-market liabilities (755) 76 (1,266) 83
Stock-based compensation 5,675 4,067 10,419 7,440
Other (963) (68) (899) (66)
Changes in assets and liabilities:
Accounts receivable, net (68,724) (59,786) (60,004) (54,489)
Prepaid expenses and other assets (1,241) 3,483 1,382 (2,035)
Accounts payable and accrued liabilities 942 3,720 3,010 2,198
Deferred revenue 53,419 47,913 30,864 29,639
Deferred rent 464 (275) 1,836 (414)
Deferred commissions (1,144) (2,342) (932) (3,101)
Net cash used in operating activities (22,081) (11,897) (34,428) (39,646)
------- ------- ------- -------
Investing activities:
Purchases of property and equipment (2,543) (3,810) (7,390) (6,955)
Purchases of intangible assets - (11) - (301)
Proceeds from disposal of property and equipment 26 23 52 38
Purchases of marketable securities (48,441) - (48,441) -
Maturities of marketable securities - 10,000 5,700 23,900
--- ------ ----- ------
Net cash (used in) provided by investing
activities (50,958) 6,202 (50,079) 16,682
------- ----- ------- ------
Financing activities:
Proceeds from common stock offerings, net of
offering costs (14) - 109,789 -
Proceeds from issuance of common stock from
employee equity plans 4,417 3,278 7,249 4,316
Shares repurchased for tax withholdings on vesting
of restricted stock (128) (81) (255) (123)
Payments for financing costs (18) (24) (18) (24)
--- --- --- ---
Net cash provided by financing activities 4,257 3,173 116,765 4,169
----- ----- ------- -----
Net (decrease) increase in cash and cash
equivalents (68,782) (2,522) 32,258 (18,795)
Cash and cash equivalents, beginning of period 136,733 28,266 35,693 44,539
------- ------ ------ ------
Cash and cash equivalents, end of period $67,951 $25,744 $67,951 $25,744
------- ------- ------- -------
INSTRUCTURE, INC.
RECONCILIATION OF NON-GAAP GROSS MARGIN
(in thousands, except percentages)
(unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
-------------- --------------
2018 2017 2018 2017
---- ---- ---- ----
GAAP gross profit $35,465 $27,490 $69,471 $52,282
Stock-based compensation 553 347 975 578
Amortization of acquisition
related intangibles 333 - 675 -
Reversal of payroll tax
expense on secondary stock
purchase transactions (49) - (49) -
--- --- --- ---
Non-GAAP gross margin $36,302 $27,837 $71,072 $52,860
------- ------- ------- -------
GAAP gross margin % 70.8% 71.3% 70.8% 71.6%
Non-GAAP gross margin % 72.5% 72.2% 72.5% 72.4%
INSTRUCTURE, INC.
RECONCILIATION OF NON-GAAP OPERATING LOSS
(in thousands, except percentages)
(unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
-------------- --------------
2018 2017 2018 2017
---- ---- ---- ----
Loss from operations $(12,425) $(10,160) $(24,558) $(21,763)
Stock-based compensation 5,675 4,067 10,419 7,440
Reversal of payroll tax
expense on secondary stock
purchase transactions (1,225) (534) (1,225) (534)
Amortization of acquisition
related intangibles 602 - 1,294 -
Change in fair value of
contingent liability (755) - (1,144) -
---- --- ------ ---
Non-GAAP operating loss $(8,128) $(6,627) $(15,214) $(14,857)
------- ------- -------- --------
GAAP operating margin -24.8% -26.4% -25.0% -29.8%
Non-GAAP operating margin -16.2% -17.2% -15.5% -20.3%
INSTRUCTURE, INC.
RECONCILIATION OF NON-GAAP NET LOSS
(in thousands, except per share data)
(unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
-------------- --------------
2018 2017 2018 2017
---- ---- ---- ----
Net loss $(12,538) $(10,268) $(24,405) $(21,869)
Stock-based compensation 5,675 4,067 10,419 7,440
Reversal of payroll tax
expense on secondary stock
purchase transactions (1,225) (534) (1,225) (534)
Amortization of acquisition
related intangibles 602 - 1,294 -
Change in fair value of mark-
to-market liabilities - 76 (122) 83
Change in fair value of
contingent liability (755) - (1,144) -
---- --- ------ ---
Non-GAAP net loss $(8,241) $(6,659) $(15,183) $(14,880)
------- ------- -------- --------
Non-GAAP net loss per common
share, $(0.24) $(0.23) $(0.45) $(0.51)
basic and diluted
Weighted average common
shares used in computing 34,491 29,090 33,444 28,909
basic and diluted net loss
per common share
INSTRUCTURE, INC.
RECONCILIATION OF FREE CASH FLOW
(in thousands)
(unaudited)
Three Months Ended
June 30,
--------
2018 2017
---- ----
Net cash used in
operating
activities $(22,081) $(11,897)
Purchase of property
and equipment and
intangibles (2,543) (3,821)
Proceeds from
disposals of
property and
equipment 26 23
--- ---
Free cash flow $(24,598) $(15,695)
-------- --------
INSTRUCTURE, INC.
RECONCILIATION OF 12-MONTH BILLINGS
(in thousands)
(unaudited)
Trailing Twelve Months Ended
June 30,
--------
2018 2017
---- ----
Total net revenue $186,008 $135,475
Total deferred revenue
Beginning balance 104,275 76,281
Ending balance 132,526 104,275
------- -------
Net change in current
deferred revenue 28,251 27,994
Total 12-month
billings $214,259 $163,469
-------- --------
INSTRUCTURE, INC.
RECONCILIATION OF NON-GAAP OPERATING EXPENSES
Three Months Ended June 30, 2018
(in thousands)
(unaudited)
GAAP Stock-based Reversal of Amortization Change in NON-
Compensation Payroll Tax fair value GAAP
Expense Associated of of
with Equity acquired contingent
Transactions intangibles liability
------------ ----------- ---------
Operating expenses:
Sales and marketing $24,841 (1,671) 430 (269) - $23,331
Research and development 14,849 (2,033) 616 - - $13,432
General and administrative 8,200 (1,418) 130 - 755 $7,667
----- ------ --- --- --- ------
Total operating expenses $47,890 (5,122) 1,176 (269) 755 $44,430
------- ------ ----- ---- --- -------
INSTRUCTURE, INC.
RECONCILIATION OF NON-GAAP OPERATING EXPENSES
Three Months Ended June 30, 2017
(in thousands)
(unaudited)
GAAP Stock-based Reversal of Amortization Change in NON-
Compensation of fair value GAAP
Expense Payroll Tax acquired of
Associated intangibles contingent
with Equity liability
Transactions
------------
Operating expenses:
Sales and marketing $18,972 (1,195) 256 - - $18,033
Research and development 11,057 (1,506) 256 - - $9,807
General and administrative 7,621 (1,019) 22 - - $6,624
----- ------ --- --- --- ------
Total operating expenses $37,650 (3,720) 534 - - $34,464
------- ------ --- --- --- -------
INSTRUCTURE, INC.
RECONCILIATION OF NON-GAAP OPERATING EXPENSES
Six Months Ended June 30, 2018
(in thousands)
(unaudited)
GAAP Stock-based Reversal of Amortization Change in NON-
Compensation Payroll Tax of fair value GAAP
Expense Associated acquired of
with Equity intangibles contingent
Transactions liability
------------ ---------
Operating expenses:
Sales and marketing $48,029 (3,019) 430 (619) - $44,821
Research and development $29,509 (3,927) 616 - - 26,198
General and administrative $16,491 (2,498) 130 - 1,144 15,267
------- ------ --- --- ----- ------
Total operating expenses $94,029 (9,444) 1,176 (619) 1,144 $86,286
------- ------ ----- ---- ----- -------
INSTRUCTURE, INC.
RECONCILIATION OF NON-GAAP OPERATING EXPENSES
Six Months Ended June 30, 2017
(in thousands)
(unaudited)
GAAP Stock-based Reversal of Amortization Change in NON-
Compensation Payroll Tax of fair value GAAP
Expense Associated acquired of
with Equity intangibles contingent
Transactions liability
------------ ---------
Operating expenses:
Sales and marketing $37,199 (2,150) 256 - - $35,305
Research and development 22,239 (2,738) 256 - - 19,757
General and administrative 14,607 (1,974) 22 - - 12,655
------ ------ --- --- --- ------
Total operating expenses $74,045 (6,862) 534 - - $67,717
------- ------ --- --- --- -------
INSTRUCTURE, INC.
RECONCILIATION OF NON-GAAP NET LOSS GUIDANCE
(in thousands)
(unaudited)
Three Months Ending Full Year Ending
September 30, December 31,
------------- ------------
2018 2018 2018 2018
---- ---- ---- ----
LOW HIGH LOW HIGH
Net loss $(15,650) $(15,050) $(55,155) $(53,155)
Stock-based compensation 6,425 6,425 23,300 23,300
Reversal of payroll tax
expense on secondary stock
purchase transactions - - (1,225) (1,225)
Amortization of acquisition
related intangibles 625 625 2,550 2,550
Change in fair value of
warrant liability - - (120) (120)
Change in fair value of
contingent liability - - (1,150) (1,150)
--- --- ------ ------
Non-GAAP net loss $(8,600) $(8,000) $(31,800) $(29,800)
------- ------- -------- --------
INSTRUCTURE, INC.
RECONCILIATION OF NON-GAAP NET LOSS PER COMMON SHARE GUIDANCE
(unaudited)
Three Months Ending Full Year Ending
September 30, December 31,
------------- ------------
2018 2018 2018 2018
---- ---- ---- ----
LOW HIGH LOW HIGH
Net loss per common share $(0.45) $(0.43) $(1.61) $(1.55)
Stock-based compensation 0.18 0.18 0.68 0.68
Reversal of payroll tax
expense on secondary stock
purchase transactions - - (0.04) (0.04)
Amortization of acquisition
related intangibles 0.02 0.02 0.07 0.07
Change in fair value of
warrant liability - - (0.00) (0.00)
Change in fair value of
contingent liability - - (0.03) (0.03)
--- --- ----- -----
Non-GAAP net loss per common
share, basic and diluted $(0.25) $(0.23) $(0.93) $(0.87)
------ ------ ------ ------
Non-GAAP weighted average
common shares used in
computing basic and diluted
net loss per common share
(in thousands) 34,800 34,800 34,200 34,200
View original content with multimedia:http://www.prnewswire.com/news-releases/instructure-reports-second-quarter-2018-financial-results-300688104.html
SOURCE Instructure
